#XAUUSD approaching pivot, potential for rise!
Price has broken above our pivot level at 1797.8 which is in line with 50.0% Fibonacci retracement level & horizontal overlap resistance . We could potentially see a further rise from here towards 1811.48, which coincides with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 1788.31, which coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support . This is further supported by how price is likely to bounce off the RSI support level
Pivot:
1,797.80
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,788.310
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,811.480
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1,797.80
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1,788.310
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1,811.480
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.